REG - Vast Resources PLC - Baita Plai Report

Vast ResourcesAnnouncement

14/07/2023 17:30

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RNS Number : 1325G  Vast Resources PLC  14 July 2023

Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining

 

14 July 2023

Vast Resources plc

('Vast' or the 'Company')

 

Baita Plai Report

 

Vast Resources plc ('Vast'), the AIM-listed mining company, regrets to
announce an accident this afternoon at its Baita Plai Mine as a result of
which an employee was fatally injured in a mine transportation incident.

 

Management are investigating the circumstances of the accident independently
and jointly with relevant authorities, including the police, and are providing
all necessary assistance for the enquiries into this tragic accident.

 

Following a safety stop, production at the mine is expected to resume this
evening.

 

Further details will be announced after conclusion of the enquiries.

 

The Directors and Management of Vast express their sincere condolences to the
family and colleagues of the deceased and will be providing all necessary
support to the family.

 

Andrew Prelea CEO of Vast commented:

"It is with great sadness that we report a fatal accident at our Baita Plai
Mine. I join with all my colleagues and fellow directors in expressing our
sincere condolences to the family and friends of the deceased."

 

 

**ENDS**

 

For further information, visit www.vastplc.com or please contact:

 

 Vast Resources plc                                    www.vastplc.com

Andrew Prelea (CEO)                                  +44 (0) 20 7846 0974

 Andrew Hall (CCO)

 Beaumont Cornish - Financial & Nominated Advisor      www.beaumontcornish.com (http://www.beaumontcornish.com)

 Roland Cornish                                        +44 (0) 20 7628 3396

 James Biddle

 Shore Capital Stockbrokers Limited  - Joint Broker    www.shorecapmarkets.co.uk

                                                      +44 (0) 20 7408 4050
 Toby Gibbs / James Thomas (Corporate Advisory)

 Axis Capital Markets Limited - Joint Broker           www.axcap247.com
 Richard Hutchinson                                     +44 (0) 20 3206 0320

 St Brides Partners Limited                            www.stbridespartners.co.uk (http://www.stbridespartners.co.uk)

 Susie Geliher                                         +44 (0) 20 7236 1177

 

ABOUT VAST RESOURCES PLC

 

Vast Resources plc is a United Kingdom AIM listed mining company with mines
and projects in Romania, Tajikistan, and Zimbabwe.

 

In Romania, the Company is focused on the rapid advancement of high-quality
projects by recommencing production at previously producing mines.

 

The Company's Romanian portfolio includes 100% interest in Vast Baita Plai SA
which owns 100% of the producing Baita Plai Polymetallic Mine, located in the
Apuseni Mountains, Transylvania, an area which hosts Romania's largest
polymetallic mines. The mine has a JORC compliant Reserve & Resource
Report which underpins the initial mine production life of approximately 3-4
years with an in-situ total mineral resource of 15,695 tonnes copper
equivalent with a further 1.8M-3M tonnes exploration target. The Company is
now working on confirming an enlarged exploration target of up to 5.8M tonnes.

 

The Company also owns the Manaila Polymetallic Mine in Romania, which the
Company is looking to bring back into production following a period of care
and maintenance. The Company has also been granted the Manaila Carlibaba
Extended Exploitation Licence that will allow the Company to re-examine the
exploitation of the mineral resources within the larger Manaila Carlibaba
licence area.

 

Vast has an interest in a joint venture company which provides a share of
revenue generated from the Takob Mine processing facility in Tajikistan. The
Takob Mine opportunity, which is 100% financed, will provide Vast with a 12.25
percent royalty equivalent over all sales of non-ferrous concentrate and any
other metals produced.

 

In Zimbabwe, the Company is preparing for the release of its diamonds
previously mined by the Company and preparing for their marketing. Upon the
finalisation of the process the Company will recommence its focus on the
finalisation of the mining agreement on the Community Diamond Concession in
the Marange Diamond Fields.

 

 

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